(Corrects to say MidCap Financial is based in Bethesda, Maryland, not Chicago)
DUBAI, Oct 1 (Reuters) - Mubadala GE Capital, a joint venture between Abu Dhabi state fund Mubadala and General Electric's finance business, said on Wednesday it had agreed to sell most of its assets including those held through subsidiaries.
Mubadala GE Capital had been evaluating its future structure since GE annnounced plans in April to sell off most of GE Capital and become a simpler industrial business.
In a statement on Wednesday Mubadala GE Capital said it had entered "a sale and purchase agreement" with finance firm MidCap Finco, which is managed by a subsidiary of private equity firm Apollo Global Management.
MidCap Financial is based near Washington, in Bethesda, Maryland, according to its website.
MidCap expects to buy "substantially all of the assets of the Mubadala GE Capital and its subsidiaries", the statement said.
It did not disclose the deal's value and said the final price could change.
The transaction, which is payable in cash, is subject to conditions and may be cancelled under certain circumstances, the statement added.
(Reporting by Hadeel Al Sayegh; Editing by Greg Mahlich)